General overview for 07/09/2016:
The wave c of the overall corrective structure has been completed. This means we should now see impulsive wave progression to the upside that should take out the last swing high at the level of 116.36. If there is no visible impulsive wave development to the upside, then the alternative count is still indicating a possible (a) (b) (c) horizontal structure in progress. Nevertheless, so far the impulsive labeling has been fitting better to the market situation.
Support/Resistance:
116.32 – Swing High
115.58 – Weekly Pivot
115.01 – Intraday Resistance
114.80 – WS1
113.86 – Intraday Support
113.09 – WS2
Trading recommendations:
Day traders should consider opening buy orders with SL just below the intraday support at the level of 113.85 and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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